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Refractories Market
Refractories Market is anticipated to witness a CAGR of 3% over the forecast period, owing to the expansion across iron and steel industries.
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Growing adoption of refractories in the glass, electronics, aerospace, and cement industry is the major factors contributing to the refractories market size. Refractories have the flexibility to be molded in various shapes for floors and walls. Increasing urbanization and industrialization has persuaded government across the merging nations to invest in residential and commercial buildings, thereby propelling the market’s size. However, the growing concerns regarding volatile organic compounds (VOCs) will restrain the global refractory market.
By end-use industry, the iron & steel segment is projected to witness a faster CAGR during the forecast period, owing to the increasing infrastructural development and rising demand for automobiles. Moreover, as per the refractories market analysis, the growing demand for superior refractories because of the growing emphasis on improving life, health, and the environment is further propelling the segment’s growth.
By form, the shaped refractories segment is anticipated to grow at the fastest CAGR over the forecast period, as they are used to develop floor tiles, walls, and arches.
By region, Asia-pacific will emerge as the fastest growing region over the forecast period, owing to the growing use of refractories across glass industry, iron & steel, power generation cement in China, Australia, and India.
Leading players operating in the market include Vesuvius, RHI Magnesita GmbH, Krosaki Harima Corporation, Saint-Gobain, Coming Incorporated, SHINAGAWA REFRACTORIES CO., LTD., Morgan Advanced Materials plc, CoorsTek Inc., Harbisonwalker International, and Imerys Refractory Minerals, among others.
Key Developments:
In 2020, Morgan Advanced Materials plc adopted Carbo Sun Luis to encourage the network in Chile, Argentina, and Chile.
In 2020, Vesuvius launched a new product– KALPUR, a 6Direct pouring application on an Automatic High-Pressure Green Sand Moulding Line and have improved yield and directional solidification.
Refractories Market Segmentation:
Refractories Market by Form
• Shaped Refractories
• Unshaped Refractories
Refractories Market by Alkalinity
• Acidic & Neutral Refractories
• Basic Refractories
Refractories Market by End-Use Industry
• Iron & Steel
• Power Generation
• Non-Ferrous Metal
• Cement
• Glass
• Other Industries
Refractories Market by Region:
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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Cosmetic Pigments Market generated a revenue of USD 630 million in 2021
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Published on May 25, 2022
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